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Summit Closes $750 Million Funding; Develops New York Times Article "Deepwater Horizon's Final Hour"

Photo of Anne Thompson By Anne Thompson | Thompson on Hollywood March 9, 2011 at 12:04AM

 No, James Cameron has not picked up the rights to the December 25 New York Times article Deepwater Horizon's Final Hour, although he might turn up as a character in the final movie that Summit Entertainment and Participant Media are developing about the BP Oil disaster (with backing from Imagenation Abu Dhabi). And Summit confirms that it has finally closed a new $750 million deal, for a $550-million term loan plus a $200-million revolving line of credit, led by banks JP Morgan and UBS AG.
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Thompson on Hollywood

No, James Cameron has not picked up the rights to the December 25 New York Times article Deepwater Horizon's Final Hour, although he might turn up as a character in the final movie that Summit Entertainment and Participant Media are developing about the BP Oil disaster (with backing from Imagenation Abu Dhabi). And Summit confirms that it has finally closed a new $750 million deal, for a $550-million term loan plus a $200-million revolving line of credit, led by banks JP Morgan and UBS AG.

Screenwriter Matthew Sand will adapt the Deepwater Horizon disaster story, written by the NYT's David Barstow, David Rohde, and Stephanie Saul, about the heroes of the oil rig tragedy that sent millions of gallons of oil spilling into the Gulf of Mexico on April 20, 2010. Summit is in talks with producer Lorenzo Di Bonaventura (Red, Salt, Transformers), who could handle a picture of this scale and scope.

Summit production president Erik Feig stated:

“This film will portray the great heroism that took place last year on the Deepwater Horizon rig and how colleagues so courageously came to each other’s aide.  This piece in The New York Times evoked the raw emotion these brave men experienced and endured throughout the tragedy that took place in April of last year and we hope to evoke the same emotions for our audience with this movie.”

This article is related to: Genres, Independents, In Production, Thriller, Summit


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